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Can you summarize NVRS 104.9608?
Uniform Commercial CodeOriginal Articles > Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
Short Summary
This legal document, part of the Nevada Revised Statutes under the Uniform Commercial CodeOriginal Articles, governs the application of proceeds of collection or enforcement, liability for deficiency, and the right to surplus in cases where a security interest or agricultural lien secures payment or performance of an obligation. The document outlines the order in which cash proceeds should be applied, including reasonable expenses of collection and enforcement, satisfaction of obligations secured by the security interest or agricultural lien, and satisfaction of obligations secured by any subordinate security interest or other lien on the collateral. It also specifies that noncash proceeds may be applied in a commercially reasonable manner. Additionally, the document states that a secured party shall account to and pay a debtor for any surplus, while the obligor is liable for any deficiency. In cases where the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
Whom does it apply to?
Secured parties, holders of subordinate security interests or other liens, debtors, and obligors
What does it govern?
Application of proceeds of collection or enforcement; liability for deficiency and right to surplus
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Nevada